Success Dragon’s annual net loss widens

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Gaming services firm Success Dragon International Holdings Ltd., formerly known as C Y Foundation, posted a widened net loss of HK$231.5 million (US$28.8 million) for its fiscal year ended March 31, compared to a net loss of HK$47.3 million one year ago.
The Hong Kong-listed company said in a filing yesterday that its total revenue amounted to HK$153.7 million for the fiscal year, down 14.6 per cent or HK$26.3 million compared to HK$180 million for the previous year.
According to Success Dragon, the decrease in revenue is due to ‘the drop in the performance in the outsourced business process management and the decline in revenue and margin for the packaging products business.’
The company’s revenue generated from outsourced business process management, which is primarily on electronic gaming equipment in Macau, declined by 10.9 per cent year-on-year to HK$119.8 million, whilst the segment also registered a higher loss of HK$113.9 million compared to HK$21.6 million one year ago.
‘While the challenge in the Macau gaming industry may continue to exist in the coming year, the Group will continue to improve and enhance the operating efficiency in the casinos in which we currently provide management services,’ the gaming services firm said in the filing.
‘Apart from the business in Macau, the Group has been actively seeking opportunities to expand this segment of business in other emerging counties, with the first country being Vietnam,’ it added.